hi all
have any of you used chase private client services? if yes please share your experiences if not how do you manage your investments? i understand chase will push for JPMorgan managed assets/money market funds. But would appreciate any insights and experiences.
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let's say you have 300k to invest and it stays like that for 30 years.
If it compounds at 7% (us historic average) in the vanguard fund, it will compound at 7-0.55 = 6.45% in your chase account
now, let's see what happens in vanguard over 30 years, assuming you don't put even a single penny more - 300,000*(1.07^30)=2,283,676.51
let's see the same, now with 6.45% - 300000*(1.0645^30) = 1,956,551.24
let's see their ratio - 1,956,551.24 / 2,283,676.51 = 0.85
Congratulations, you've just lost 15 bloody percent !!
make you more money in the long run.
As others have pointed out, they are not fiduciaries and will be pushing for their own funds.
Whatever discounts they offer wrt mortgage (since that accompanies the private client stuff) can be easily had at Wells or BoA -- both have lesser restrictive terms, and you don't even need to have funds other than that you use for mortgage in your account - unlike Chase.